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Margo Shaffer has been in the real estate industry for decades and has seen nothing quite like the recent market changes in 2020. Though real estate does trend up and down for various reasons, the current Covid-19 pandemic – along with many other factors – has created a unique market for 2021, one that will be very friendly to the seller and not so much to the buyer.
How Margo Shaffer Sees Trends Shifting in 2021
Margo Shaffer is part of a bold new generation of younger adults who started buying real estate young, seeing a broad and potentially lucrative market and jumping on the trend before the market collapsed in 2016-2017. She has been through some ups and downs in recent years and has stayed strong, but nothing has been quite as disorienting and unpredictable for Margo Shaffer and other realtors as the Covid-19 pandemic.
As the pandemic worsened and spread throughout the nation, Margo Shaffer has seen houses become much less available in most markets. Homeowners are holding tightly to their homes, afraid to make any sudden decisions and staying in place as much as possible. The availability of homes was down nearly 20 percent in October alone, a problem that Margo Shaffer believes will remain consistent throughout 2021.
Because of this trend, home prices are still going up. Margo Shaffer noticed a shift of nearly 17 percent throughout the nation, creating a trend of over 100 months of rising home prices. The market is booming for home sellers, and Margo Shaffer isn’t sure when the prices will go down.
Buyers don’t have to lament too heavily, though, because interest rates and mortgage rates are at all-time lows thanks to the pandemic. Margo Shaffer believes that now is still a great time to buy, even with home prices and inventory decreasing. If you can find a home that meets your needs, Margo Shaffer believes buying it is an excellent investment due to these lower rates. It may even be a good time to invest since values and rents continue to increase.
Beyond these factors, Margo Shaffer also anticipates a strange reverse in recent years’ standard movement patterns. Instead of people abandoning the rural market for the urban, she expects a massive swing towards more rural areas. The reasons for this shift began even before Covid, though the pandemic has shifted buyers away from high population areas in recent months.
And Margo Shaffer believes this shift will accelerate in 2021. The main influences for this reversal include overpopulation in areas like Los Angeles, Chicago, and New York City, higher crime rates, higher costs of living, strict lockdowns, and the rampant spread of Covid-19 throughout these areas. As a result, it is wise to start looking at popular rural areas for a potential investment possibility, including surprising options like Idaho and Pennsylvania.
About author
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About Author
Margo Miller
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